The Court of Final Appeal (CFA) in Hong Kong has dismissed the appeal by the Eastmore Defendants in a case brought by the SFC regarding alleged false trading. The SFC initiated civil proceedings against a group of traders and investors suspected of manipulating shares through a large-scale scheme. The Eastmore Defendants, who are overseas nationals or entities, challenged the jurisdiction of the court. The CFI and Court of Appeal upheld the SFC’s right to serve them out of the jurisdiction. The CFA affirmed the SFC’s power under the Securities and Futures Ordinance and emphasized the importance of combating cross-border market misconduct. The SFC has also initiated criminal proceedings against some local Syndicate members.
Resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR128
